Service revokes organization's exempt status for private inurement

The IRS (Ltr. Rul. 201122023) revoked an organization's tax-exempt status based on findings the president of the organization and his wife used the organization's bank account for personal purposes and paid the president's personal cell phone bill.  The organization also failed to keep books and records as required by IRC Section 6001 and did not file a complete and accurate tax return.

HAT TIP:  Planned Giving Design Center

Posted by Adam Fleischer, Associate Editor, Wealth Strategies Journal